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NEW YORK (Reuters) - Wall Street is skeptical President Joe Biden s expected proposal to hike capital gains taxes could pass the Senate, but investors see risks that tax-motivated selling could still weigh on technology and other sectors that skyrocketed during the pandemic.
Biden s proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, and nearly doubling taxes on capital gains to 39.6% for people earning more than $1 million, according to sources familiar with the plan.
While any tax increase will likely be lower than Biden s initial proposal given the Democrat s small advantage in the Senate, individual investors who are concerned about rising rates may start to unload shares in order to lock in current rates.
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BRUSSELS (Reuters) - Hundreds of U.S. and European companies and investors on Tuesday called on the United States to slash its greenhouse gas emissions at least 50% this decade, adding to mounting pressure on the Biden administration ahead of a climate summit next week.
The world s biggest economy is expected to unveil its emissions-cutting target at a U.S.-hosted virtual gathering of global leaders on April 22 - a move that could spur other large emitters to make the steep emissions cuts needed to avoid catastrophic climate change.
The United States should commit to cut emissions at least 50% by 2030, compared with 2005 levels, urged a group of 310 businesses and investors, representing over $3 trillion in annual revenue and $1 trillion in assets under management in a statement.
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WASHINGTON (Reuters) - A senior Apple Inc executive has agreed to testify before the U.S. Senate on competition issues related to mobile app stores, days after panel leaders criticized the company for refusing to appear.
The company said in a letter sent to senators, seen by Reuters, that Chief Compliance Officer Kyle Andeer will be available to testify at an April 21 hearing held by part of the Senate Judiciary Committee.
App makers have long complained that mandatory revenue sharing payments and strict inclusion rules set by Apple s App Store for iPhones and iPads, along with Google s Play store for Android devices, amount to anticompetitive behavior.
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WASHINGTON (Reuters) - Four more states have joined a lawsuit filed by Texas and others against Alphabet Inc s Google that accuses it of breaking antitrust laws to boost its already dominant advertising business, the Texas attorney general said on Tuesday.
Joining the lawsuit filed in December are Alaska, Florida, Montana, Nevada and Puerto Rico, Texas Attorney General Ken Paxton said. This brings the number of plaintiffs in the lawsuit to 15 states and territories.
The lawsuit was one of three filed last year by the federal government or states against Google.
In announcing Tuesday s amended complaint, Paxton and the other attorneys general also divulged details about Google s relationship with Facebook Inc.
The S&P 500 and Dow Jones Industrial Average closed at a record highs on Monday, as investors eyed an economic recovery from the coronavirus and awaited cues from the Federal Reserve this week. | March 17, 2021